China's stock index slid from a record high after the government said it would clamp down on the collection of capital-gains taxes on land used in development projects.

The Shanghai Composite Index dropped 1.49 percent to 2778.90. Poly Real Estate, China's largest State-owned developer, tumbled the 10 percent daily limit to 52.03 yuan.

Vanke, the nation's biggest property developer, slumped 10 percent to 17.28 yuan on the Shenzhen Stock Exchange.

China's largest steelmaker, Baoshan Iron & Steel Co, surged to 9.34 yuan after its parent announced its first local takeover in nine years.